Summary

• The Bureau of Labor Statistics reported on April 3, 2026, that the U.S. economy added 178,000 nonfarm payroll jobs in March, nearly triple the consensus forecast of 60,000.
• The 10-year Treasury yield closed at 4.37 percent on April 3, continuing a climb that has added more than 50 basis points since early March.
• The fixed income market finds itself at an inflection point. Yields are at their highest levels in nearly a year.

The March employment report delivered 178,000 new jobs against a consensus forecast of 60,000, sending the 10-year Treasury yield to 4.37 percent and erasing any remaining expectations for Federal Reserve rate cuts in 2026.

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